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Cryptoknowmics 2022-10-06 10:55:10

XRP Technical Analysis: Double Bottom Teases $0.50 Breakout

The XRP Technical Analysis shows a double-bottom forming within the consolidation range, teasing a breakout above the $0.51 resistance level. The XRP price action displays a consolidation range between the $0.42 support level and the overhead resistance of the $0.50 psychological mark. However, the growing bullish influence over the sideways trend projects a double-bottom pattern forming at the $0.42 support level, with the neckline at the $0.51 mark. So, should you consider taking a bullish entry or wait till the uptrend sabotages the higher price rejection candles? Key Points: The Ripple price action shows an uptrend growing but with higher price rejection candles. The bullish breakout of $0.51 will extend the recovery rally. The intraday trading volume in Ripple is $2.60 billion. Source – TradingView XRP Technical Analysis As we mentioned in our previous analysis, the XRP price rains down to the bottom support level of $0.42 with a 10% drop within 72 hours. But with the lower price rejection, the trend manages to recover, resulting in a double bottom pattern with the neckline at the $0.51 mark. Currently, the price action displays a 10.42% jump in the last four days leading to a streak of four bullish candles. However, the higher price rejection in these bullish candles reflects a strong selling opposition. The daily candle shows a growth of 1.30%, but the long-wick formation projects a higher price rejection. If the uptren...

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